1. Uniqueness of venture (lack of competitors): Given my venture has a minor amount of competitors, my product is in regions most likely the only of its kind.
Valuable: This is high in value as the uniqueness of the venture minimizes my competition with other brands.
Rare: It is highly rare to venture in a market with few to no competitors.
Inimitable: The uniqueness of a venture can only last for so long after initial success, then the market will expand and this resource will no longer be relevant.
Non-substitutable: It is most likely substitutable.
2. Human Capital: After the Networking exercise we carried out a few assignments ago, I was able to build my network with some pretty important people that could potentially carry my product into a viable market if I were to pursue this idea.
Valuable: This is extremely valuable as human capital such as important figures can be the difference between success and failure.
Rare: It is not rare to find people of importance and relevance within an industry, it is hard though.
Inimitable: Depending on the circumstances one finds themselves in, or simply the luck they have, this could be imitable.
Non-substitutable: Yes, there are other people that could provide similar services of importance.
3. Unique product Design: The idea behind this product is to create a dissolvable capsule containing a flavored additive. This design is currently not being imitated by any competitor.
Valuable: Very valuable as the combination of a good design and a unique venture can easily result in success.
Rare: The design is not rare, as I got the idea from another product. I just simply incorporated it into mine.
Inimitable: Depending on what materials I create the design with, this could be high or low on inimitability.
Non-substitutable: It has many other substitutes.
4. Social Capital: Publicity. One of the contacts I was able to make used to manage events and publicity for Corona, an ideal brand to merge with for this venture.
Valuable: Extremely valuable, as good publicity and marketing bring brand awareness.
Rare: Rare, not everyone has this initial contact or possibility to market something along with an important asset in your industry.
Inimitable: High on inimitability.
Non-substitutable: High on non-substitutability.
5. Social Capital: Retail. A contact I came in touch with via my uncle manages the supply for small retailers in Chinandega, Nicaragua (a region within my ideal demographic).
Valuable: Somewhat valuable, gives a push for initial recognition and trials in a demographic which should give a successful outlook.
Rare: Not rare, the contact is not exclusive and there are other retailers and suppliers in the region.
Inimitable: This resource could easily be imitated.
Non-substitutable: As far as who retails this product could be substituted but the size of the retail stores could not be substituted.
6. Social Capital: Personal relationships with entrepreneurs. Through my upbringing and travels, I have met a variety of people with whom I maintain close ties that have ventured successfully into entrepreneurship.
Valuable: Valuable but not extremely valuable. Could receive major assistance and be introduced to certain contacts.
Rare: Not that rare as contemporarily with facilitated networking and opportunities many people know entrepreneurs.
Inimitable: This resource could be imitated.
Non-substitutable: This resource could be substitutable.
7. Social Capital: Due to a previous venture enacted with some colleagues, I am currently verified in Alibaba and have several ties to various production factories and agents facilitating B2B business in the platform.
Valuable: Very much valuable, especially for production logistics.
Rare: Not rare as Alibaba is ultimately a huge platform and many of the same connections are shared.
Inimitable: The resource itself could most likely not be imitated with such facility, as finding production factories and such connections by personal connection and not through Alibaba is difficult.
Non-substitutable: The production factories in itself can be substituted, but it wouldn’t be recommended.
8. Financial Capital: Again, due to a previous venture, I am in contact with various investors who could potentially invest in the idea if I were to pursue it.
Valuable: Very much valuable as it would mean a viable option for funds.
Rare: Not that rare as many people can raise money in different ways.
Inimitable: The capability to look for and capture investors is imitable, but the already presence of investors and a good relationship with the mentioned is not.
Non-substitutable: Investors are substitutable, these aren’t.
9. Social Capital: Engineers. After my first two years of College in California, I became friends with various gifted people within the Engineering department that could help produce a prototype and viable design for my product.
Valuable: Somewhat valuable.
Rare: This resource is not rare as there are many gifted engineers in every faculty.
Inimitable: This resource could be imitated by students and those with design knowledge.
Non-substitutable: This is very substitutable.
10. Relevance of idea within targeted region: The venture proposed would be in high relevance to tastes in my proposed target region. If the product created was well designed and effective in satisfying these customers tastes, it would be very likely to blow-up.
Valuable: This is valuable as the venture is specific to a taste found in this region.
Rare: It is not rare to find a regional demographic.
Inimitable: It is not inimitable.
Non-substitutable: It is non-substitutable given as far as my knowledge goes I don’t know where else this taste is prevalent.
Most important resource:
My most important resource would be my social capital given I have a wide network of contacts that could potentially organize me for an opening within the industry and as well my verification in Alibaba means I have facilitated access to means of production.
Hey Carlos,
ReplyDeleteI am impressed with some of your connections and the people you have at your connection, but I want to maybe go over some things I feel you sell yourself short of. A lot of your connections may seem replaceable, but you have to consider the opportunity costs and the actual costs of having to substitute or imitate some of the things you have without needing to substitute and imitate. Having those UC engineers as friends just to even get an opinion would be worth someones opinion in gold to others who are total strangers to them. I'd appreciate the people and social capital you currently have and seek wisdom from those willing to extend it.
Don't put down what can lift you up most, hope your project is going well!
As both you and Daniel said, I definitely agree that you're greatest asset to the company and process is your connections, your social capital. Knowing a distributor in Chinandega is a major bonus, as you have access to leaking your product into the market relatively easily.
ReplyDeleteAfter following along with your venture’s progression, I totally agree that your social capital is your most valuable resource! It sounds like you have tons of connections made through networking that could help you make this dream a reality, without having to invest too much of your own capital in the process. The engineering contacts will be especially valuable, because I think you would be spending a significant amount of money if you had to pay scientists to develop the prototypes for you. Good luck!
ReplyDeleteCarlos,
ReplyDeleteI love how detailed and specific your post was. I really like how you elaborated on your social capital and how that is your most valuable resource. Especially since Engineering is the market field you need to cover, it helps that you have experience in the field as well. This will come in handy when consulting them on the project, that way, you can have a professional conversation about ideas rather than solely relying on them for their expertise.